HSE agency boom boosts profits at recruiters
A booming agency business with the Health Service Executive (HSE) contributed to pre-tax profits at recruitment firm Global Medics almost tripling last year to €3.28m.
HSE figures show that the Global Medics (Irl) received €26.8m in agency fees in 2013 and this followed a pay-out of €17.2m to the firm in 2012.
New figures lodged by the firm with the Companies Office show that this contributed to revenues more than doubling from €19.68m to €41.6m in the 12 months to the end of last March.
Pre-tax profits at the firm increased by 130pc from €1.42m to €3.28m.
Last year, the firm paid dividends of €1.34m to its UK parent.
According to the directors' report "turnover increased significantly in the year ended March 31, 2014.
"Cost of sales and administration expenditure increased in line with turnover. The directors are satisfied with the company's performance during the year."
The firm's cost of sales increased from €15.99m to €35.38m.
The directors state that significant expansion occurred in the company in recent years as the business moved into the supply of professional qualified medical staff.
The directors say that they are satisfied with the growth and the performance of the company to date.
Numbers employed rose from 32 to 51 with staff costs increasing to €2m.
Directors' remuneration for Ronan Corrigan and Justyn Randall fell from €233,398 to €226,899.